IMSA Announces Suitability Certification Clearinghouse.New Industry Utility Offers Constructive Response to State Suitability Regs, Will Reduce Compliance Burden, Increase Efficiencies BETHESDA, Md. -- Today the Insurance Marketplace Standards Association (IMSA IMSA Illinois Mathematics and Science Academy IMSA International Motor Sports Association IMSA Insurance Marketplace Standards Association IMSA International Municipal Signal Association IMSA Illinois Mini Storage Association IMSA Institute of Marine Safety Auditors ) announced a new Clearinghouse System to serve as the one-stop solution for life insurance companies to obtain certifications of supervision of annuity suitability from third-party distributors as required under the NAIC NAIC See National Association of Investors Corporation (NAIC). Suitability in Annuity Transactions Model Regulation. Thirty states have adopted some form of the NAIC Suitability in Annuity Transactions Model Regulation requiring companies to get annual certifications from third-party distributors to whom they have delegated suitability supervisory responsibilities. IMSA's Clearinghouse will provide electronic storage and transfer of these certifications. Services will be available to all U.S. insurance companies, whether or not they are IMSA-certified, as well as third-party distributors. Clearinghouse services will be available on January 1, 2008. "This service comes just in time for companies planning for 2008. A tremendous amount of work has been done by IMSA and its certified companies to craft this solution," said Jim Buddle bud·dle n. An inclined trough in which crushed ore is washed with running water to flush away impurities. [Probably from Low German buddeln, to agitate.] , Genworth Chief Compliance Officer and IMSA Standards Development Committee Chair. "This new service offers regulators a measure of confidence that companies and distributors are obtaining all the necessary certifications in a consistent manner," said Brian Atchinson, IMSA CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. and President. "IMSA is proud to offer this timely solution for companies, distributors, regulators and, ultimately, consumers." IMSA is the premier standards-setting organization for the life insurance, annuity and long-term care long-term care (LTC), n the provision of medical, social, and personal care services on a recurring or continuing basis to persons with chronic physical or mental disorders. insurance marketplace for individually sold products. Qualified companies commit to maintaining high ethical standards and to being fair, honest, and open in the way they advertise, sell and service their products. IMSA updates its standards regularly with input from member companies and a Standards Advisory Committee made up of representatives from NAIC, FINRA FINRA Financial Industry Regulatory Authority (formerly Securities Industry Regulatory Authority) , AARP AARP, a nonprofit, nonpartisan national organization dedicated to "enriching the experience of aging"; membership is open to people age 50 or older. Founded in 1958 by Ethel Percy Andrus as American Association of Retired Persons, AARP now has over 30 million , rating agencies, and product distribution groups. For more information and a list of IMSA-qualified companies, visit www.IMSAethics.org. |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion